WILMINGTON, NC (WWAY) – A former Morgan Stanley monetary advisor will spend greater than seven years in jail for finishing up a multimillion greenback Ponzi scheme.
A choose has sentenced Shawn Edward Good to 87 months in jail adopted by three years of supervised launch. Good pleaded responsible to wire fraud and cash laundering on September 15, 2022 and was additionally ordered to pay $3,619,594 in restitution to victims.
“This funding advisor was a monetary predator who used his place of belief to run a decade-long Ponzi scheme that took in additional than $7 million from over a dozen purchasers,” stated U.S. Legal professional Michael Easley. “Shawn Good robbed the financial savings and retirements of purchasers who trusted him – together with a widow, a single mother, and a retired police officer. He did it out of pure greed, to gasoline his lavish way of life – buying luxurious automobiles, unique holidays and actual property. His scheme has lastly come to an finish due to the unshakable braveness of the victims and the laborious work of regulation enforcement on the IRS and the SBI. Confronted with a alternative between proper and improper, Mr. Good selected improper. Now he’ll spend the subsequent seven-plus years in federal jail.”
Not less than 12 victims invested roughly $7,246,300 with Good.
As an alternative of investing in land improvement or bonds, Good used the cash for private expenditures together with his Wilmington residence; a condominium in Florida; luxurious autos together with a Mercedes Benz, a Porsche Boxster, a Tesla Mannequin 3, an Alpha Romeo Stelvio, and a Lexus RX350.
He additionally spent the cash on positive eating and holidays to Paris, France; Cinca Terra, Italy; Jackson, Wyoming; Las Vegas, Nevada; and different locations. To lend credibility to the Ponzi scheme and to elude detection, Good additionally used a portion of investor funds to make funds to earlier traders.
